This important book focuses on the idea that institutions matter for development, asking what lessons we have learned from past reform efforts, and what role lawyers can play in this field.
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Institutional Determinants of Development
Michael J. Trebilcock and Mariana Mota Prado
Eirik G. Furubotn and Rudolf Richter
To date, the formulation of a systematic theory of the organization of markets has proved to be a difficult task and remains unfinished. Nevertheless, explanations do exist as to why, under given conditions, the basic activities of trade are organized in one particular fashion rather than another. This research review presents a comprehensive overview of the selection of these important papers by authors working in the tradition of the new institutional economics.